feel conned by insurance adviser

• khk

  17 Jul 07, 18:35

  According to section 27 of the FAA, a financal adviser SHOULD conduct a fact find with a client and recommend suitable products based on the fact find.
  the insurer (a.k.a insurance company) SHOULD not issue the policy if such a fact find is not furnished. the client SHOULD be given a copy of the fact find.
  pls correct me if i'm wrong
  
  i met this insurance agent/financial adviser in a bank, n signed up for an endowment policy in 2002. however, the financial adviser did not do a fact find (know your client and needs analysis). in addition, the adviser was all out in selling onli one product and did not give any other options or products. the client shld be given a copy of the fact find form but i did not have any, so it confirmed tt i did not go thru a fact find procedure.
  
  being ignorant of insurance matters, i signed up for the policy as one of my parents was ard. however after i got more informed of such matters, i feel conned by the adviser n the insurer. moreover the policy is placing a huge burden on me as i'm still studying
  
  has the adviser breached the FAA? is there any way i can seek a redress (cos it's like 4 + years alrdy)? i have not contacted the insurance company yet. is it possible to make the policy invalid, given the breach?
• FireIce

  17 Jul 07, 18:37

  nope
  cos u oredi signed
  if u put ur signature there, u have agreed to have understood all the terms and conditions
• khk

  17 Jul 07, 18:39

  i got some info based on this site, the Life Insurance Association(Singapore)
  http://asp.lia.org.sg/LiaGuides.asp
  under the Fact Find guidelines document. however i'm confused over the Non Applicable part which states Direct Marketing.
  any help is appreciated.
• khk

  17 Jul 07, 19:22

  Originally posted by FireIce:

  nope
  cos u oredi signed
  if u put ur signature there, u have agreed to have understood all the terms and conditions

  but i've not seen the fact find form at all...
  yah true lah, tt's why i LLST all these yrs... read frm somewhere tt there's a window period for such financial disputes (abt 1 to 2 yrs i tink), so prob i haf to live w it. anyway thanks for the reply.
  
  i dunno if there is any breach of the FAA, but the fact tt the adviser did not conduct a fact find n pushing the sale of onli one product shows the irresponsibility of the adviser, n did not haf any single tiny bit of customer interest at heart. the insurer itself is olso notorious for unorthodox marketing tactics( frm my observation, n i tink this coy is a disgrace to the insurance industry). as a victim i hereby warn other consumers out there against such breaches of insurance advisory process n never buy any products b4 doin ur sums n some homework. Beware when u visit a bank.
  
  yah from the LIA site, there is this document which states tt financial advisers r not to sell products in public places. this is gd news